Stocks in the news: CIT Group, Philips Electronics, Goldman Sachs

CIT Group Inc. (CIT) is struggling to survive. The lender said Sunday it is still in talks with regulators about the possibility of participating in the Federal Deposit Insurance Corp.'s Temporary Liquidity Guarantee Program to improve its near-term liquidity as recent losses may jeopardize its compliance with capital requirements and other capital raise could require to securitize assets. CIT shares plunged 15 percent ahead of the bell.

Royal Philips Electronics (PHG) kicked off Europe earnings season by reporting a 94 percent profit drop in the second quartr, but still managed to surprise as analysts had forecast a loss. The world's biggest lighting maker said weak sales and asset divestments in the same period a year ago affected its performance. Sales fell 19 percent. Shares were up 4.6 percent in pre-market trade.
CSX (CSX), Charles Schwab (SCHW) and Novellus Systems (NVLS) are reporting results today.

Bank of America Corp. (BAC) is saying it doesn't owe billions of dollars in fees to U.S. taxpayers for guarantees against losses at Merrill Lynch & Co. because the rescue agreement was never signed and the funding never used. Regulators, however, say BAC owes at least part of a $4 billion fee it agreed to pay in January because the company benefited from the backing. BAC shares were up nearly 5 percent before the bell.

UBS (UBS) and the U.S. government are scrambling at the last minute to settle the tax evasion case that had been due to start Monday. UBS said Sunday it's agreed with U.S. authorities on a 15-day suspension of the litigation. The U.S. had been demanding the names of around 52,000 American clients, something which the Swiss government and UBS have both said would breach Swiss law. UBS shares gained about 3 percent in pre-market trade.

Goldman Sachs (GS) due to report earnings Tuesday received today the stamp of approval from bank analyst Meredith Whintey, who upgraded Goldman to Buy from Neutral. She said "it's a bull stock for a bear market." Last week, BofA-Merryll analysts also upgraded Goldman. In general, analysts say Goldman will likley to post huge profits. Shares were up over 3.5 percent ahead of the bell.

Teva Pharmaceutical Industries (TEVA) said Monday that the FDA has approved its new drug application for Plan B One-Step emergency contraception, which will be available over the counter at the pharmacy for consumers aged 17 or older.

Delphi Corp (DPHIQ) said Friday it received no new bids for its planned asset sale as it moves closer to bankruptcy proceedings scheduled for July 23.

BP (BP) said it's agreed with the State Oil Company of the Republic of Azerbaijan to jointly explore and develop the Shafag and Asiman structures in the Azerbaijan sector of the Caspian Sea.

Microsoft Corp. (MSFT) is pitching to five of the world's biggest advertising companies a deal to buy Razorfish, its digital ad agency, according to The Wall Street Journal.